Marketing 301 Exam 1 PSU Questions With Correct Answers
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Course
MKTG 301
Institution
MKTG 301
State of deprivation (phys: food, warmth, safety; social: belonging, affection; individual: knowledge, self-expression) - Answer Need
Form that needs take as they are shaped by culture and individual personality - Answer Want
Wants backed by buying power - Answer Demand
Goal of any busines...
Marketing 301 Exam 1 PSU Questions With Correct
Answers
State of deprivation (phys: food, warmth, safety; social: belonging, affection; individual: knowledge, self-
expression) - Answer Need
Form that needs take as they are shaped by culture and individual personality - Answer Want
Wants backed by buying power - Answer Demand
Goal of any business. - Answer Stay in business/Maximize revenue/Market share
Why is marketing extra important? - Answer Only major whose sole purpose/reason for being is
revenue. All others are costs.
Why study marketing? - Answer Affects life everyday, key to affect business strategies and business
models, vital to profitability and growth of business.
4 ways of thinking about marketing - Answer The production concept, the product concept, the selling
concept, the marketing concept.
The Production Concept - Answer economies of scale
The Product Concept - Answer Product Innovation
The Selling Concept - Answer Take production concept (economies of scale) one step further. High
quality/high performance. Sales reps going out and selling.
-Factory, existing products, selling and promoting, profits through sales volume
, The Marketing Concept - Answer A better understanding of yourself, your customers, your competitors,
and the environment.
Start with customer needs
-Market, customer needs, integrated marketing, profits through customer satisfaction
-Company continues to alter, adapt, and develop offerings to keep pace with customer's changing desires
and preferences.
*Not only current needs but also long-term needs of society.
Marketing Myopia - Answer short sightedness (ex: "Coolest" saw coolers not only as something to keep
drinks cold but as the center of a party.)
The process by which companies create value for customers and build strong customer relationships in
order to capture value from customers in return. (Based on perceptions, not necessarily reality.) -
Answer Marketing
Benefits you receive for the burdens you endure. - Answer Value
Why do we care about value? - Answer -Perceived value leads to customer satisfaction.
-Satisfaction leads to customer retention.
4 types of product offerings - Answer -Physical/tangible objects (P&G)
-Services (UPS)
-Ideas ("Truth" app)
-People (Southwest Airlines)
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